Voyager Therapeutics 2025 Q2 Earnings Deepened Losses Amid Extended Cash Runway

Voyager Therapeutics (VYGR) reported its fiscal 2025 Q2 earnings on Aug 6th, 2025, revealing a substantial widening of losses and a sharp revenue decline. Despite a 229.2% increase in net losses to $33.38 million, the company announced an extended cash runway into 2028, which it expects to facilitate key clinical advancements.

Revenue
Voyager Therapeutics saw a significant drop in total revenue, falling to $5.20 million in 2025 Q2 compared to $29.58 million in the same period in 2024. The company reported all of its revenue as collaboration revenue, amounting to $5.20 million, a substantial decrease attributed to lower revenue from its Neurocrine collaboration agreements.

Earnings/Net Income
The company’s net loss widened to $33.38 million in 2025 Q2, reflecting a 229.2% increase compared to $10.14 million in 2024 Q2. On a per-share basis, losses deepened to $0.57 from $0.18 a year ago, representing a 216.7% increase. This indicates a significant deterioration in earnings performance.

Price Action
Following the earnings release, the stock of Voyager Therapeutics exhibited mixed short-term performance. It edged up 1.19% during the latest trading day but declined 1.73% over the most recent full trading week. Positively, it surged 11.84% month-to-date as of the report date.

Post-Earnings Price Action Review
The investment strategy of purchasing shares 30 days after Voyager Therapeutics' quarterly earnings reports over the past three years has yielded poor returns. This strategy recorded a cumulative total return of -61.83% and a compound annual growth rate (CAGR) of -33.05%. It also showed a high maximum drawdown of 67.06% and a Sharpe ratio of -0.49, indicating a high-risk, low-reward profile with substantial losses, suggesting investors should approach with caution.

CEO Commentary
Alfred W. Sandrock, Jr., M.D., Ph.D., CEO of Voyager Therapeutics, expressed optimism about the company's future, emphasizing the extended cash runway into 2028. This, he stated, positions Voyager to progress through multiple clinical inflection points, including data from its anti-tau antibody and gene therapy programs. Sandrock also highlighted the efficiencies achieved through restructuring, expressing confidence in the company's science and its potential to drive transformative neurotherapeutics.

Guidance
Voyager expects its cash runway to extend into 2028, enabling progression through multiple clinical inflection points, including initial tau PET data for VY7523 in H2 2026 and potential data from gene therapy programs in 2026. Neurocrine is expected to submit INDs for FA and GBA1 programs in 2025 and initiate clinical trials in 2026, pending toxicology results. Voyager anticipates U.S. IND and Canadian CTA submissions for VY1706 in 2026, with clinical trial initiation also expected that year. The company expects potentially informative data from third-party tau-targeting agents in 2026.

Additional News
Voyager Therapeutics reported several strategic developments in the second quarter of 2025. The company added an APOE program to its pipeline, expanding its Alzheimer’s disease franchise to include a fourth wholly-owned asset. The new APOE program utilizes a TRACER™ capsid to silence apolipoprotein E in carriers of the high-risk APOE4 variant while delivering the protective APOE2 variant. In June 2025, Voyager presented preclinical data on its anti-Aβ antibody gene therapy at the ASGCT 28th Annual Meeting. The company also advanced its VY7523 and VY1706 programs, with ongoing dosing in the final cohort of the VY7523 MAD trial and IND-enabling work for VY1706. Voyager published its first peer-reviewed study on ALPL in *Molecular Therapy*, detailing the generation of a novel AAV capsid and its receptor for crossing the blood-brain barrier. Additionally, the company presented eight sessions at ASGCT 2025, including oral presentations on VY1706 and immune-evading capsids. Voyager also updated on its partnership with Neurocrine, who expect to submit INDs for the FA and GBA1 gene therapy programs in 2025, pending toxicology study results.